New York, April 28, 2005 – LAWFUEL – The Law News Network – With widespread acceptance of public private partnerships (PPP) already established in Europe, global industry representatives, including NFL Commissioner Paul J. Tagliabue, recently noted at a conference hosted by Dewey Ballantine in New York that PPPs are beginning to gain momentum in the United States. PPP projects are the joint funding and operation of infrastructure projects between public and private entities.
“PPP projects are commonplace internationally but have just begun to take hold in the U.S. and the Americas as a whole,” said Richard Shutran, head of Dewey Ballantine’s Global Project Finance Group and co-managing partner of the firm. “The privatization of the Chicago Skyway is probably the best known PPP project in the U.S. to date.” However, industry leaders point out that government entities, strapped for capital to address ballooning infrastructure needs and politically disinclined to levy additional taxes, have shown a growing interest in PPP projects.
Keynote speaker Paul Tagliabue discussed the expanding role that PPP has played in many new athletic stadiums. “The NFL’s stadium financing program allows teams to qualify for loans from the league in the amount of 34-50 percent of the private contribution to a public private stadium project,” said Tagliabue. “The NFL has been a leader in the private element of stadium construction, most recently with the proposed $1.9 billion public-private deal for a new stadium on Manhattan’s West Side that would be home to the NY Jets and the 2012 Olympics.”
Nearly 100 attendees from prominent financial institutions, international contractors, developers and government officials listened to updates on current market trends from a number of leaders in the PPP industry: sponsors, bankers, technical consultants and lawyers. Adam Barsky, New York’s Deputy Secretary for Public Authorities, Finance and Housing and Governor Pataki’s point person for PPP projects, outlined potential PPP projects in New York, ranging from the Tappan Zee Bridge to a public toilet/newsstand project in New York City.
Additional conference presenters provided updates on the four key markets in the Americas for PPP projects ? Canada, the U.S., Mexico and Brazil ?and discussed current and potential projects in these countries.
While presenters represented various industries and perspectives, there was a collective agreement that PPPs will continue to make headway in the Americas.
About Dewey Ballantine
Dewey Ballantine LLP, founded in 1909, is an international law firm with more than 550 attorneys and locations in New York, Washington, D.C., Los Angeles, East Palo Alto, Houston, Austin, London, Warsaw, Frankfurt, Milan, Beijing, and Rome and an associated office in Prague. Through its network of offices, the firm handles some of the largest, most complex corporate transactions, litigation and tax matters in areas such as M&A, private equity, project finance, corporate finance, corporate reorganization and bankruptcy, antitrust, intellectual property, sports law, structured finance and international trade. Industry specializations include energy and utilities, healthcare, insurance, financial services, media, consumer and industrial goods, consumer electronics, technology, telecommunications and transportation.